SE Asia Stocks - Fall on renewed U.S. rate hike concerns

BANGKOK, May 27 (Reuters) - Southeast Asian stock markets
tumbled on Wednesday as investors resumed selling on
expectations of an interest rate hike in the U.S. sooner rather
than later, derailing Philippine stocks and sending the
Malaysian benchmark to a more-than-four-month low.
The Philippine main index was an underperformer,
trading down 1.3 percent at its lowest since Feb. 2. The fall
trimmed a year-to-date gain in Southeast Asia's best performing
index to 5.5 percent.
Malaysia's composite index fell 0.7 percent to the
lowest since Jan. 20, heading for a fifth day of losses. Indexes
in Singapore and Indonesia, which have
gradually rebounded, pulled lower.
Thailand's index eased 0.2 percent, extending the
weakness over the past three days.
"Negative sentiment on SET prevails on Wednesday, given
renewed concern on the timing of a U.S. interest rate increase,"
strategists at broker KGI Securities wrote in a report.
Asian stocks fell in line with U.S. stocks
after reports on Tuesday showed U.S. business investment
spending plans increased solidly in April, consumer confidence
perked up this month and house prices extended gains in March.
Weak quarterly earnings of large-caps in Southeast Asia have
kept investors in the region uneasy.
Shares of Malaysia's palm oil firm Felda Global Ventures
Holdings hit a record low after its first-quarter
profit slumped 97.5 percent on weaker plantation business and
bigger losses in the downstream segment.
The Thai banking subindex was down 0.3 percent as
recent moves to cut interest rates dented earnings outlook. It
had fallen nearly 13 percent so far this year, partly reflecting
the weak earnings in the first quarter.
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SOUTHEAST ASIAN STOCK MARKETS
Change at 0549 GMT
Market Current Prev Close Pct Move
Singapore 3418.94 3459.98 -1.19
Kuala Lumpur 1751.64 1764.07 -0.70
Bangkok 1495.08 1497.98 -0.19
Jakarta 5278.30 5320.90 -0.80
Manila 7587.53 7728.50 -1.82
Ho Chi Minh 566.69 567.20 -0.09
(Reporting by Viparat Jantraprap; Editing by Sunil Nair)